Vishwakarma Scheme: Artisans Will Get Up To Rs 3 Lakh Loan Without Bank Guarantee, Says PM Modi
Vishwakarma Scheme: Artisans Will Get Up To Rs 3 Lakh Loan Without Bank Guarantee, Says PM Modi
The Prime Minister also launched post tickets and the Toolkit Booklet during the event at the India International Convention and Expo Centre, in Dwarka.
Prime Minister Narendra Modi launched the 'PM Vishwakarma' scheme for artisans. | Photo; ANI video grab.
New Delhi: Prime Minister Narendra Modi launched the ‘PM Vishwakarma’ scheme for artisans and craftspeople in the national capital on Sunday. During his address to the nation from the Red Fort on the 77th Independence Day, he had announced that the Central Government would soon introduce a scheme for individuals skilled in traditional craftsmanship. On his 73rd birthday, Prime Minister Modi launched the Vishwakarma Scheme today. while addressing the gathering, PM Modi stated that artisans would receive collateral-free loans worth approximately Rs 3 lakh at very low-interest rates.
“”Under the PM Vishwakarma scheme, the government will provide up to Rs 3 lakhs loan without any (bank) guarantee. It has also been ensured that the interest rate is also very low. Govt has decided that Rs 1 lakh loan will be given in the beginning and when it is repaid, govt will provide additional Rs 2 lakhs loan to the Vishwakarma partners,” PM Modi said.
Through this scheme, artisans will be eligible for collateral-free loans totaling approximately Rs 3 lakh, distributed in two installments—a first installment of approximately Rs 1 lakh and a second installment of about Rs 2 lakh, featuring a concessional interest rate of 5 percent. Additionally, they will receive financial assistance of up to Rs 15,000 for the purchase of toolkits.
The Prime Minister also launched post tickets and the Toolkit Booklet during the event at the India International Convention and Expo Centre, in Dwarka. He said that the Central Government has focused on providing special training to the artisans under this scheme.
“In the near future, training, technology and tools will be very essential. Under ‘PM Vishwakarma’ scheme, govt has focussed on providing special training to the Vishwakarma partners and Rs 500 will be provided to you while the training is underway. You will also get a Toolkit voucher worth Rs 1,500. Govt will also help you in branding, packaging and marketing the products you make. In return, the Govt wants you to purchase Toolkits from shops that are GST registered only.”
Vishwakarma Yojana
The PM Vishwakarma Scheme will be completely funded by the Centre and is expected to have an outlay of Rs. 13,000 crore. This programme will cover about 18 handicrafts and their artisans, namely, carpenter, boat maker, armourer, blacksmith, hammer and toolkit maker, locksmith, sculptor and stone-breaker, goldsmith, porter, cobbler, mason, basket/mat/broom-maker and coir weaver, doll and toy maker, barber, garland maker, washerman, tailor and fishing net maker.
Eighteen stamp sheets, representing the different artisans involved in this scheme, have also been issued to commemorate the beginning of the PM Vishwakarma Yojana. The ‘PM Vishwakarma Yojana: Complete Guidelines For Implementation’ as issued by the Government of India.
PM Vishwakarma Yojana: Objectives
Take a look at the key objectives of the newly launched PM Vishwakarma Yojana as given in the official guidelines by the government..
To enable the recognition of artisans and craftspeople as Vishwakarma, making them eligible to avail all the benefits under the Scheme.
To provide skill upgradation to hone their skills and make relevant and suitable training opportunities available to them.
To provide support for better and modern tools to enhance their capability, productivity, and quality of products and services.
To provide the beneficiaries an easy access to collateral free credit and reduce the cost of credit by providing interest subvention.
To provide incentives for digital transactions to encourage digital empowerment of Vishwakarmas.
To provide a platform for brand promotion and market linkages to help them access new opportunities for growth.
PM Vishwakarma Yojana: Benefits
The artisans will receive a PM Vishwakarma Certificate and PM Vishwakarma ID Card; a unique digital number shall be created and shall enable the applicant’s recognition as a Vishwakarma and shall make him/her eligible to avail all the benefits under the Scheme.
The Skill Intervention under the scheme consists of 3 components: Skill Assessment, Basic Training and Advanced Training. The Skill Upgradation will embed modern tools, design elements and integration with the sector value chain as its key components of domain skilling. Skill Assessment for all registered beneficiaries will be done to ascertain their existing skill levels and it will be the first significant activity in the skill upgradation process and by assessing the current levels of skills, future path of skill upgradation in PM Vishwakarma will be charted in an informed manner. Basic Training is considered essential for improving the skills of all registered Vishwakarmas, and an eligibility condition for drawing the first tranche of loan. Each beneficiary will be eligible to receive a training stipend of Rs. 500 per day while undergoing the Basic and Advanced Training programmes.
A Toolkit Incentive of upto Rs. 15,000 will be provided to the beneficiary after Skill Assessment at the start of Basic Training. The incentive will be disbursed to the beneficiaries through e-RUPI/e-vouchers which can be utilized at designated centres to procure improved toolkits.
To enhance and support the capabilities of traditional artisans and craftspeople, access to Affordable Credit under this Scheme will be facilitated; financial support will be provided to the targeted beneficiaries in the form of collateral free ‘Enterprise Development Loans’. The total amount of loan assistance would be Rs. 3,00,000/- wherein, the beneficiaries can avail the first loan tranche upto Rs. 1,00,000/- (term of repayment is 18 months) and second loan tranche upto Rs 2,00,000/- (term of repayment is 30 months). Concessional rate of interest chargeable tobeneficiaries for loan will be fixed at 5% and the interest subvention by the Government of India will be to an extent of 8% and provided upfront to the banks.
The Scheme aims to digitally empower the beneficiaries by facilitating them to adopt digital transactions. An amount of Re. 1 per eligible digital transaction (upto maximum 100 eligible transactions monthly) will be credited to the beneficiary’s bank account in DBT mode through Aadhaar Payment Bridge System (APBS). Here, eligible transaction means a digital pay-out or receipt in the bank account of the beneficiary.
Creating market linkages for the Vishwakarmas is a critical step in improving their livelihood and quality of life. The National Committee for Marketing (NCM) will provide marketing and branding support for the products of the artisans and craftspeople registered under the Scheme.
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